MARKET WRAP: Sensex tanks 793 points; Nifty holds 11,550; India VIX up 7%

It was a bloodbath on D-street on Monday as markets fell for a second consecutive day with the benchmark S&P BSE Sensex and the broader Nifty50 registering their biggest single-day-fall in four years. The Sensex plummeted 908 points intra-day while the Nifty50 shed 288 points. 

Union Budget 2019 triggered the fall as it failed to cheers investors. Proposals like surcharge on high income generating groups, increased threshold of minority shareholding from 25 per cent to 35 per cent and no specific announcement to revive consumption dampened investment sentiment. Furthermore, weak global cues and expectation of another muted quarter dragged the markets down. In two days, investors have lost Rs 4.95 trillion market capitalization.

Markets pared losses partially before the end of trading session. The Sensex closed 793 points, or 2 per cent, lower at 38,720 levels with Bajaj Finance, ONGC, NTPC and Hero  MotoCorp being the top laggards. Of the 2,669 companies being traded on the BSE, shares of 571 companies advanced, 1,953 declined and 145 remained unchanged.

The Nifty50, too, settled 252 points, or 2.14 per cent, lower at 11,559 levels. Of the 50 companies on the 50-share index, shares of 5 companies advanced and 45 declined.

In the broader market, S&P BSE Mid-Cap ended 293 points, or 2 per cent, lower at 14,432 levels while the BSE Small-Cap dipped 347 points, or 2.46 levels, to settle at 13,794 levels.

Sectorally, public sector banks (PSU banks) took the biggest knock with the Nifty PSU Bank index settling nearly 6 per cent lower. This was follwoed by losses in realty, auto, financial services and metal counters which were down up to 4 per cent. NO index ended in the green.  over 5 per cent, while Nifty Bank, Nifty Auto, Nifty Financial Services, and Nifty Realty indexes were all down over 2 per cent.

BUZZING STOCKS

Shares of automobile manufacturers, including auto ancillary companies, were reeling under pressure with the Nifty Auto index hitting 52-week low on Monday after no major direct measure to revive demand growth for the sector was announced in the Union Budget for the financial year 2019-20 (FY20). READ MORE

Shares of Punjab National Bank (PNB) slipped 10 per cent intra-day to quote at Rs 73 on the BSE on Monday after the state-owned bank reported a fraud of Rs 3,805 crore by Bhushan Power & Steel Ltd (BPSL). READ MORE

GLOBAL CUES

Global markets were weak on Monday after US investment bank Morgan Stanley reduced its exposure to global equities due to misgivings about the ability of policy easing to offset weaker economic data.

“Over recent weeks, you’ve heard us discussing why we think investors should fade the optimism from the recent G20. Why we think bad data should be feared rather than cheered because it will bring more central bank easing. Why we think the market is too optimistic on 2019 earnings and is underestimating the pressure from inventories, labour costs and trade uncertainty,” wrote Andrew Sheets, their chief cross-asset strategist in a July 7 report. READ MORE HERE

Among Asian peers, Japan's Nikkei closed 0.98 per cent lower while the South Korea's Kospi shed 2.2 per cent. 

In the commodities market, oil prices rose boosted by escalating tensions around Iran’s nuclear program and better-than-expected U.S. jobs data. At 3:50 pm, Brent Crude Futures were at $64.34 per barrel.

4:22 PM IST The Nifty witnessed a sharp follow-through weakness today, the area of 11,600-11,425 levels is going to be a crucial support   The Nifty witnessed a sharp follow-through weakness today and closed the day lower. A long bear candle was formed today with gap down opening.   Technically, this pattern indicates a sharp downward reversal in the market. The Nifty is currently placed near the upper area of previous opening upside gap of 20th May at 11591 levels. Further weakness from here is likely to fill this gap around 11426 levels.   Hence, the area of 11,600-11,425 levels is going to be a crucial support zone for the market, and one may expect current downtrend to halt around these area.

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3:01 PM IST Traders Edge Swing Strategy : Buy HCLtech fut at 1044 with SL of 1030 Tgt 1070#PLTechnical #PLCalls #MarketAnalysis #MarketUpdates #PLIndiaOnline #investments #trader #stocks #investor #equity #PrabhudasLilladher #PLResearch #Nifty #NSE #BankNifty— Prabhudas Lilladher (@PLIndiaOnline) July 8, 2019

3:00 PM IST

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LIVE UPDATES

Market closing comment | HDFC Securities

The Nifty witnessed a sharp follow-through weakness today, the area of 11,600-11,425 levels is going to be a crucial support
 
The Nifty witnessed a sharp follow-through weakness today and closed the day lower. A long bear candle was formed today with gap down opening.
 
Technically, this pattern indicates a sharp downward reversal in the market. The Nifty is currently placed near the upper area of previous opening upside gap of 20th May at 11591 levels. Further weakness from here is likely to fill this gap around 11426 levels.
 
Hence, the area of 11,600-11,425 levels is going to be a crucial support zone for the market, and one may expect current downtrend to halt around these area.

Sectoral trends on NSE at close


Top gainers and losers on S&P BSE Sensex


Market at close


Market at close


Ujjivan Financial Services dips over 6%


Jindal Stainless Ltd slips over 4% in trade


Piramal Ent slips 4%


Alkem Labs holds gains


STOCK ALERT | Bajaj Finserv tanks 10%, set to register biggest 1-day fall ever


IATA suspends Cox & Kings licence to sell airline tickets

-- Will continue selling tickets on "cash and carry" basis

Heatmap: S&P BSE Sensex


Sensex tanks over 850 pts


TCS Q1 results preview: Margin to take a hit; BFSI demand key monitorable

Tata Consultancy Services (TCS) is slated to announce its financial results for the first quarter (April-June) of the fiscal year 2019-20 (Q1FY20) on Tuesday. While the IT firm is likely to fare better than its peers, it is likely to take a hit on the margin front owing to wage hikes, high attrition, visa costs, and a strong rupee. READ FULL ARTICLE

TCS | Photo: Shutterstock

STOCK ALERT | Maruti's share price slips below Rs 6,000/sh for the 1st time since March 30, 2017


NEWS ALERT | Examining FPIs' concern on tax surcharge, says Pramod Chandra Mody, CBDT chairman

-- As reported by CNBC TV18

Market check

-- Sensex at 38,797 levels, down 716 points or 1.81%

-- Nifty50 at 11,589 levels, down 222 points or 1.88% 

Bajaj Finance records sharpest intra-day fall in over five months, tanks 8%

Shares of Bajaj Finance slipped 8 per cent to Rs 3,405, its sharpest intra-day fall in over five months on the BSE on slowdown concerns. The stock posted its biggest fall since January 28, when it tanked 9 per cent in intra-day deal. The non-banking finance company's stock had consistently outpaced the market in past more than seven years. READ MORE

Goa Carbon Q1FY20 result

-- Revenue up 11.4% at Rs 139 crore YoY

-- Net loss of Rs 5 cr against profit of Rs 7.4 cr YoY

-- EBITDA loss at Rs 2.3 cr against EBITDA of Rs 14.6 cr YoY

NEWS ALERT| No increase in surcharge for Co, LLP, firms and co-operatives: govt sources to CNBC TV18

-- Surcharge only on individuals, HUF, BOI, AJP, AOP

-- FPIs falling in above category will be covered under higher surcharge

Alert: LLP is Limited Liability Partnership

         BOI is Body of Individuals

        AJP is Artificial Judicial Persons
   
        AOP is Association of Persons

European indices trade lower


Market check


Market check


US Fed cut may prompt China to lower its policy rate in 4 years: Report

China's central bank could cut its benchmark policy rate for the first time in four years if the US Federal Reserve delivers a widely expected cut in late July, analysts say, as Chinese policymakers step up support for the slowing economy. Market watchers, however, believe the People's Bank of China (PBOC) is more likely to follow any US rate cut by lowering its key short-term money market rates. READ MORE

Budget proposals bring in some incremental comfort, says Abhinav Khanna

Despite the sharp run up seen in the domestic markets, which was mostly aided by foreign flows, ABHINAV KHANNA, head of equity at Citi India tells Puneet Wadhwa that foreign investors remain constructive on India from a medium-to-long term perspective and the Budget proposals are likely to reinforce this view.

However, the absence of an immediate growth stimulus or any major ‘pump-priming’ in the Budget proposals, he says, has disappointed growth-oriented investors. READ FULL INTERVIEW HERE

Elara Capital on APL Apollo Tyres

Rating: Buy
 
Target Price: INR 2,267
 
Upside: 41%
 
CMP: INR 1,610 (as on 5 July 2019)

We expect a revenue CAGR of ~21% and an EPS CAGR of ~49% over FY19-21E, led by 1) a volume CAGR of ~19%, 2) improved efficiency, 3) better product portfolio, and 4) likely reduction in the net debt-equity ratio to 0.4x in FY21E from 0.8x in FY19. Therefore, we initiate on APL Apollo Tubes with a Buy rating and a TP of INR 2,267, implying ~41% upside. Our TP is based on 16.5x FY21E P/E, which is in line with the past five-year average of 16.3x. Fundamentals in FY21 are likely to be stronger than in the past five years as FY21E ROE is likely to be at 24.1% vs a five-year average of 19.7% while FY21E net debt-equity ratio of 0.4x vs 1.0x in the past five years. The stock is currently trading at 11.7x FY21E P/E.
 
 

Stocks that hit 52-week low on the BSE

COMPANY PRICE(rs) 52 WK LOW CHG(rs) CHG(%)
ASTER DM HEALTH. 121.10 120.40 -1.65 -1.34
BALKRISHNA INDS 729.25 720.00 -6.85 -0.93
BIOCON 242.20 230.00 2.45 1.02
C P C L 195.00 192.95 -10.15 -4.95
CADILA HEALTH. 225.65 223.65 -3.10 -1.36
» More on 52 Week Low

Jet Airways hits lower circuit for 4th straight day on SFIO probe report

Shares of Jet Airways (India) were locked in 5 per cent lower circuit at Rs 60 for the fourth straight day on the BSE on report that the government has ordered Serious Fraud Investigation Office (SFIO) probe against the grounded airline. The BSE, on July 5, sought clarification from Jet Airways with reference to the news. The airline is yet to reply. READ MORE

Cipla slips over 1%


Phoenix tumbles 5%


NEWS ALERT | SC stays TDSAT’s order quashing DoT's Rs 1,625 cr demand for approving Bharti -Tikona merger: CNBC TV18

-- SC allows for status quo to be maintained only for 15 days.

-- DoT had moved SC, challenging Bharti-Tikona merger on the back of Rs 1,625 cr one-time spectrum demand.

-- In May, TDSAT had stayed DoT’s demand & allowed merger of Bharti-Tikona

L&T slips over 3% after BofAML downgrades stock to 'neutral'


TCS, Infosys, Wipro: Here is how to trade IT stocks ahead of Q1FY20 results

Infosys Ltd (INFOSYS): The daily chart shows a the counter to be in a consolidation phase in the range of Rs 760 – Rs 690 from January 2019. This consolidation phase needs a breakout, which wouldd then define the next trend. The current scenario displays a gradual move towards Rs 700 – Rs 690 levels. The volumes have slipped and the stock is trading with below-average volumes with RSI and MACD also turning negative. READ MORE

NEWS ALERT | SPARC gets orphan drug designation from US FDA for SCO-088

--  It is used for treatment of patients with Chronic Myeloid Leukemia

Source: BSE Filing


MARKET ALERT

Sensex has tanked over 1,000 points since Budget 2019

Sectoral trends on NSE at this hour


20% tax on buyback may put firms with high promoter shareholding in a fix

The 20 per cent tax on share buyback introduced in the Union Budget 2019-2020 is likely to put companies with high promoter shareholding in a dilemma. While the move will add to the tax burden for companies, buybacks will still be more tax-friendly compared to dividends for shareholders, particularly promoters. READ MORE

Mindtree dips 10% on resignation of 3 co-founders as L&T takes control

Mindtree shares dipped 10 per cent to Rs 781 in early morning trade on the BSE on Monday after three founders of the Bengaluru-based IT services company resigned following a change of control. The stock was trading close to its 52-week low price of Rs 753 touched on October 26, 2018 in intra-day deal.
Last week, Larsen & Toubro (L&T) was categorised as the IT firm's 'promoter' after the acquisition of 60.06 per cent in Mindtree. READ MORE
 

Monday blues at Markets

-- Sensex dips 634 points or 1.61 per cent to trade at 38,879 levels

-- Nifty is trading 196 points, or 1.66 per cent lower at 11,615 levels

-- S&P BSE MidCap is trading at 14,460 levels, down 265 points, or 1.80 per cent

-- S&P BSE SmallCap is trading at 13,804 levels, down 337 points, or 2.39 per cent


Market check | Nifty below 11,650

-- Nifty50 slips 173 points, or 1.46 per cent, to trade at 11,638 levels
 

Market check | Sensex tanks over 600 pts


Nifty PSU Bank index trading 5% lower


Market check | Nifty tests 11,650


Punjab National Bank slips 10% on detecting fraud of Rs 3,805 crore

Shares of Punjab National Bank (PNB) slipped 10 per cent intra-day to quote at Rs 73 on the BSE on Monday after the state-owned bank reported a fraud of Rs 3,805 crore by Bhushan Power & Steel Ltd (BPSL). On Saturday, the bank reported the fraud to the Reserve Bank of India (RBI) and informed that BPSL had misappropriated bank funds and had manipulated its books of accounts to raise funds from consortium of lenders. READ MORE

Market check | Sensex trading near day's low


Budget impact: Infosys, 8 others face 20% tax burden on share buyback

Nine companies, including technology major Infosys, which have active buyback programmes, are staring at an unexpected tax burden. The Union Budget on Friday made it mandatory for listed companies to pay additional tax at 20 per cent on share buybacks. The move, aimed at discouraging the practice of avoiding the dividend distribution tax, came into effect on July 5, 2019, according to the Finance Bill. READ MORE

Auto stocks skid; Maruti Suzuki, Hero MotoCorp, TVS Motor hit 52-week low

Shares of automobile manufacturers, including auto ancillary companies, were reeling under pressure with the Nifty Auto index hitting 52-week low on Monday after no major direct measure to revive demand growth for the sector was announced in the Union Budget for the financial year 2019-20 (FY20). At 09:30 am, the counter was the biggest loser among sectoral indices and was trading 2.6 per cent lower at 7,646 mark, In comparison, the benchmark Nifty 50 index was down 1.1 per cent. READ MORE

NEWS ALERT | Govt likely to sell up to 5% stake in ONGC & Coal India: Reuters

-- Could also sell up to 10% stake in GIC & New India Assurance in FY20

NEWS ALERT | IndiGrid Trust acquires two power transmission assets from Sterlite Power

-- Enterprise value of Rs 5,025 cr

(Source: BSE Filing)


OMCs trade lower


MARKET CHECK


Mindtree tumbles over 6%


Market check

-- Sensex is trading at 39,076 levels, down 438 points or 1.11%

-- Nifty50 is trading at 11,684 levels, down 127 points or 1.08% 

DHFL gains as lenders sign creditor agreement


Nifty PSU Bank index is trading over 2 per cent lower


Asian Paints dips over 1%


BSE Oil & Gas index is trading 1.12% lower


Most active stocks by volume

COMPANY PRICE(rs) CHG(rs) CHG(%) VOLUME
YES BANK 92.60 4.40 4.99 4029721
REL. COMM. 1.57 0.02 1.29 1125808
PUNJAB NATL.BANK 76.80 -4.95 -6.06 709705
RELIANCE INFRA. 51.95 0.85 1.66 700303
VODAFONE IDEA 11.72 -0.29 -2.41 625030
» More on Most Active Volume

Buzzing | Inani Marbles & Industries tumbles over 15%


YES Bank climbs over 4%


Market check | Sensex slips 1%


Market check | Nifty50 slips below 11,700 intra-day


Shriram Transport Fin Co skids over 3%


Oberoi Realty skids over 2%


Nifty Auto Index | Stocks slip to 52-week low

-- Bosch, Maruti, TVS Motor and Hero Motocorp hit their respective 52-week low today

Nifty Auto index becomes the biggest loser during morning deals


Broader market check


NEWS ALERT | .YES Bank appoints Rajiv Uberoi as Senior Group President: CNBC TV18

-- Uberoi will also look after governance & controls

-- Company has also appointed Anurag Adlakha as Senior Group President - Financial Management & Strategy.

Indiabulls Housing Fin slips 1%


Hero MotoCorp dips nearly 4%


ITC adds close to a per cent


IndusInd Bank gains mildly


Escorts slips 3%


Maruti Suzuki India skids 3% after Co cuts production


Titan dips nearly a per cent


Punjab National Bank slips over 5%

-- Bank reported fraud of over Rs 3,000 cr by Bhushan Power & Steel


Sectoral trends on NSE at this hour


Top gainers and losers on S&P BSE Sensex


Market at open


Market at open


Punjab National Bank slips 10% during Pre-open


Top gainers and losers on S&P BSE Sensex during Pre-open trade


Rupee opening

Rupee opens lower at 68.57/$ vs Friday's close of 68.42 against the US dollar

Market at pre-open


Market at pre-open


Anand Rathi Financial Services on JK Lakshmi Cement

Rating: Buy
 
Target Price: Rs 481
 
Share Price: Rs 334 

Gross debt was Rs 16bn (Rs 21bn a year ago) resulting in (standalone) net D/E of 0.8x (1.1x in FY18). With no capacity expansion announced till now, the de-levering and anticipated improvement in operating performance, we expect profitability and return ratios to improve. We retain our Buy rating, with a target of Rs 481 on 10x FY21e EV/EBITDA. Risk: Rising prices of pet-coke and diesel
 

Budget 2019: NHB to retain power to inspect, penalise housing finance firms

The National Housing Bank (NHB) will continue to inspect and penalise housing finance companies (HFCs), even as its regulatory powers will be shifted to the Reserve Bank of India (RBI), following the Union Budget announcement. “The NHB will be the supervisor of HFCs and the RBI will take up the regulatory role. READ MORE

Monsoon deficiency falls to 21%; east, northeast see lowest rainfall: IMD

Monsoon has covered almost the entire country, but three-fourths of MeT department’s sub-meteorological divisions still fall under the “deficient”rainfall category, the India Meteorological Department’s data shows. The overall monsoon deficiency, which was 33 per cent at the start of the month, has dipped to 21 per cent. READ MORE

Stocks to watch: Maruti, PNB, PSU banks, Zuari Agro, Infosys, GE Shipping

Here's a list of some of the companies whose shares are expected to trade actively in today's session -
 
Infosys, FDC, GE Shipping, others: Nine companies which have active buyback programmes are staring at an unexpected tax burden, says a Business Standard report. The Union Budget on Friday made it mandatory for listed companies to pay additional tax at 20 per cent on share buybacks. READ MORE
 
Maruti Suzuki India: The country's largest car maker Maruti Suzuki India (MSI) cut production by 16 per cent in June. It was the fifth consecutive month of production cut by the company.
 
PNB: Punjab National Bank (PNB) on Saturday said it had reported a borrowing fraud of Rs 38.05 billion ($556 million) in Bhushan Power & Steel Ltd's account to the Reserve Bank of India (RBI). Bhushan Power and Steel, one of India's most indebted companies, was among the first 12 companies referred by the RBI India to a bankruptcy court for a debt resolution process under India's new insolvency law. READ MORE

Budget impact: Sebi may give listed firms two years for 35% public holding

The Securities and Exchange Board of India (Sebi) may give listed companies two years to increase minimum public shareholding from 25 per cent to 35 per cent, a proposal floated in the Union Budget 2019-20. “The compliance and time frame would be similar for all listed companies, including public sector undertakings,” said a government official in the know, adding Sebi would come up with a detailed framework after consultation with all stakeholders. READ MORE

Budget 2019 impact: Bearish trend likely to continue in stock market

The market reaction to the Budget was negative. The sell off was widespread with most major sector seeing losses. Advances (467) were outnumbered 3:1 by declines (1317).
 
The F&O segment saw 21 advances versus 138 declines. The negatives as perceived by the market seemed to be the following. Higher customs duties will mean rising input costs for many manufacturers. READ MORE

Seven of top-10 firms add Rs 53,732 cr in m-cap; HDFC biggest gainer

Seven of the 10 most valued domestic firms together added Rs 53,732.55 crore in market valuation last week, with HDFC emerging as the biggest gainer.
 
Tata Consultancy Services (TCS), Infosys and ICICI Bank were the only companies in the top-10 list which suffered losses in their market capitalisation (m-cap) for the week ended Friday.
 
Among the gainers, the valuation of HDFC zoomed Rs 14,941.11 crore to Rs 3,93,135.72 crore. READ MORE

Budget 2019: Liquidity support to banks does not rescue weak NBFCs

Even as a flurry of measures to aid the non-banking financial companies (NBFC) was announced in the Union Budget for 2019-20, the firms themselves don’t see much value in the announcements. The measures, executives of these firms said off the record, have come too late and do not address the fundamental question of liquidity for the sector. READ MORE

Maruti Suzuki slashes production by 16% in June, posts fifth cut in a row

The country's largest car maker Maruti Suzuki India has cut vehicle production for the fifth consecutive month in June, according to a regulatory filing.
 
The auto major said it slashed total vehicle production, including Super Carry LCV, by 15.6 per cent last month to 1,11,917 units as compared to 1,32,616 units in the year-ago month.
 
The auto major cut production of mini segment vehicles, including models like Alto, by 48.2 per cent to 15,087 units last month as against 29,131 units in the year-ago period. READ MORE

NEWS ALERT | US FDA issues 12 observations across three Malaysian units of Biocon Ltd

 -- Observations issued after pre-approval inspections

-- Facilities are related to insulin glargine drug product & device assembly

-- Biocon Ltd does not see any change to commercialisation plans for insulin glargine in the US market after US FDA observations for Malaysian facilities post June 24-July 5 pre-approval inspection

(As reported by CNBC TV18)

Budget impact: Super-rich tax hits 1,000 executives in corporate India

With Finance Minister Nirmala Sitharaman increasing the surcharge on income-tax (I-T) in the Union Budget for individual taxpayers, the country’s super-rich will have to shell out more.
 
The Budget will raise the effective tax rate for two categories — individuals earning an annual income between Rs 2 crore and Rs 5 crore, and those earning more than Rs 5 crore. READ MORE

Budget impact: Infosys, 8 others face 20% tax burden on share buyback

Nine companies, including technology major Infosys, which have active buyback programmes, are staring at an unexpected tax burden.
 
The Union Budget on Friday made it mandatory for listed companies to pay additional tax at 20 per cent on share buybacks. The move, aimed at discouraging the practice of avoiding the dividend distribution tax, came into effect on July 5, 2019, according to the Finance Bill.  READ MORE

Weekly market outlook and top trading ideas by Prabhudas Lilladher

BUY ITC
 
CMP: Rs 279.45
 
TARGET: Rs 315
 
STOP LOSS: Rs 270
 
The stock has been maintaining a strong base near Rs 270 levels consolidating for quite some time and had indicated a positive bias with the relative strength index (RSI) showing a trend reversal to signal a buy. The volume participation has been tremendous and we anticipate a bounce back in the coming days to see further upward movement. With the chart looking attractive, we recommend a buy in this stock for an upside target of Rs 315 keeping a stop loss of Rs 270. READ MORE

Nifty outlook and top stock picks by Angel Broking; Buy Colgate, UBL

Market reacts adversely post budget, poured water on all expectations
 
Over the weekend, we had some favourable developments with respect to US-China trade war and hence, the week started off on a cheerful note. Post this, our markets had to deal with our domestic factors as we were inching closer to the Union Budget 2019. All four sessions ahead of the event traded in a narrow range but the overall bias remained positive. On Friday, the Finance Minister presented the actual Budget post which we witnessed a massive sell off in the market to pare down all weekly gains. READ MORE

Two stocks that Gaurav Garg of CapitalVia Global Research is bullish on

Nifty View
 
Last week, the Nifty lost all its momentum that it gained over the week before the announcement of Budget, as it was unable to break the 12,000-mark and settled at 11,811.20 losing 135.60 points but respecting 11,800 level. Budget was below par with the expectations and the market witnessed profit-booking after the presentation. This week, the market must hold on to the level of 11,800, otherwise bears will continue to grab their hold on the market. Next support level is at 11,600 for next week and 12,000 is going to be a major resistance. Bank Nifty, is stronger than Nifty, as traders were more positive regarding PSU banks. Bank Nifty closed at 31,475.80, adding 3.95 points.
 
This week, we can see a big movement in housing finance stocks and PSU banks. READ MORE

Bulk deal on NSE as on Friday


FII/FPI & DII trading activity on NSE, BSE and MSEI


Rupee check

Source: Bloomberg


Oil check

-- At 8 AM, Brent crude oil was trading 0.3 per cent higher at $64.42

Asian Markets check


US Market check


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